Covalon Reports 2026 Second Quarter Results

About this update from Covalon Technologies Ltd.

MISSISSAUGA, Ontario, May 21, 2026--(BUSINESS WIRE)--Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, today announced its fiscal 2026 second quarter results for the period ended March 31, 2026, along with its recent achievements and highlights. Full financial statements and management discussion and analysis are available on the Company’s profile at www.sedarplus.ca. Brent Ashton, Covalon’s Chief Executive Officer, commented, "Covalon’s second quarter of fiscal 2026 demonstrated strong year-over-year revenue growth of 15%, led by both the U.S. Vascular Access and Surgical Consumables and U.S. Advanced Wound Care sales channels. The Company’s gross margin of 61.5% represents a 690-basis-point improvement from a year ago and is a testament to the work being done to drive accelerated growth of our most profitable products. Net income was $1.1 million, which was 155% greater than the same period last year. These strong quarterly results reflect one part of the progress Covalon is achieving. The larger MedTech advancement is Covalon’s active role in creating an exciting new vascular access clinical category of ‘Contamination Prevention’. This category is built around two complementary Covalon products that help save nursing time, reduce costs for healthcare facilities and, most importantly, prevent patient complications, including serious bloodstream infections that carry high mortality rates. Covalon’s VALGuard® Line Guard protects IV line connections and access points from contamination. The Company’s CovaClear® Cover dressings protect primary IV dressings from the same threat. No competitor offers a fit-for-purpose, clinically indicated solution. Covalon does, and we are seeing a rapid increase in adoption for these products at leading hospitals across the United States and beyond. This is not a niche application - the complications from unprotected contamination events carry real consequences. It is estimated that each year, tens of thousands of patients die from infections caused by contaminated IV components. Beyond the tragic human toll, these unprotected contamination events also result in significant nursing time diverted away from proactive patient care and substantial additional supply costs to hospitals and other healthcare facilities. The clinical a...

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